Mind Medicine (MindMed) Inc. (NASDAQ:MNMD – Get Rating) saw a large growth in short interest in the month of September. As of September 15th, there was short interest totalling 963,800 shares, a growth of 13.8% from the August 31st total of 846,700 shares. Based on an average daily trading volume, of 847,500 shares, the short-interest ratio is presently 1.1 days. Currently, 0.2% of the company's shares are short sold.
Mind Medicine (MindMed) Stock Up 1.7 %
Shares of NASDAQ:MNMD opened at 3.50 on Monday. Mind Medicine has a 52-week low of 2.85 and a 52-week high of 44.10. The stock has a market cap of $99.70 million, a price-to-earnings ratio of -1.30 and a beta of 1.27. The business has a 50-day moving average price of 9.44 and a 200-day moving average price of 11.63.
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Mind Medicine (MindMed) (NASDAQ:MNMD – Get Rating) last posted its quarterly earnings data on Thursday, August 11th. The company reported -0.60 EPS for the quarter, beating analysts' consensus estimates of -0.75 by 0.15. As a group, equities analysts anticipate that Mind Medicine will post -2.51 EPS for the current fiscal year.
Institutional Trading of Mind Medicine (MindMed)
A number of institutional investors and hedge funds have recently made changes to their positions in MNMD. Quantum Private Wealth LLC acquired a new stake in shares of Mind Medicine (MindMed) in the second quarter worth approximately $28,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Mind Medicine (MindMed) in the second quarter worth approximately $328,000. Laurion Capital Management LP acquired a new stake in shares of Mind Medicine (MindMed) in the second quarter worth approximately $85,000. Millennium Management LLC boosted its stake in shares of Mind Medicine (MindMed) by 1,063.1% in the second quarter. Millennium Management LLC now owns 5,075,110 shares of the company's stock worth $3,249,000 after acquiring an additional 4,638,774 shares during the last quarter. Finally, LPL Financial LLC acquired a new stake in shares of Mind Medicine (MindMed) in the second quarter worth approximately $496,000. 5.10% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of research firms have weighed in on MNMD. HC Wainwright increased their target price on Mind Medicine (MindMed) to $75.00 and gave the stock a "buy" rating in a research note on Wednesday, September 21st. Cantor Fitzgerald began coverage on Mind Medicine (MindMed) in a research report on Wednesday, August 10th. They set an "overweight" rating and a $45.00 price target on the stock. Finally, Oppenheimer increased their price target on Mind Medicine (MindMed) from $3.50 to $52.00 in a research report on Tuesday, August 30th.
Mind Medicine (MindMed) Company Profile
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Mind Medicine (MindMed) Inc, a clinical stage biopharmaceutical company, develops novel products to treat brain health disorders related to psychiatry, addiction, pain, and neurology. The company develops MM-120, which is in phase 2 for the treatment of generalized anxiety disorder and attention deficit hyperactivity disorder, as well as for the treatment of chronic pain; and MM-110, an a3ß4 nicotinic cholinergic receptor antagonist that has completed phase 1 for the treatment of opioid withdrawal.
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